The ecommerce market in India is primarily a duel between Flipkart and Amazon, but there is a new player in town. Backed by deep pockets of Alibaba, Paytm Mall can pose a significant challenge to the entrenched marketplaces.

Whilst signing the exclusivity clause will mean Amazon is the only strategic contender to buy BigBasket during the two-month period, sources said it does not stop the online grocery player from pursuing financial investors to shore up cash.

The solar-to-tech conglomerate is seeking to secure a piece of India's industry leaders in everything from payment systems to online shopping and groceries, in a series of deals that would shake up the $65 billion sector.